Gold snaps four-day winning streak

Spot gold dropped 1.3 per cent at $4,694.48 per ounce

Gold prices reversed course to drop ‌more than 1 per cent on Thursday, snapping a four-day winning streak, after U.S. President Donald Trump said the country would continue the war in Iran over the coming weeks.

Spot gold dropped 1.3 per cent at $4,694.48 per ounce by ​0202 GMT, while U.S. gold futures slipped 1.9 per cent to $4,723.70. Prices were up over ​1 per cent at their highest levels since March 19 before the president’s remarks.

Gold is pulling back after two superb days, as President Trump was quite bellicose in his tone, referring to aggressive plans over the coming weeks. It suggests the optimism ​of the last few days was overexuberant and there will be some retracement ahead of ​the long weekend, said independent metals trader Tai Wong.

Brent oil prices surged by more than 4 per cent, while the ‌10-year ⁠U.S. Treasury yield and the dollar index gained, weighing on the dollar-priced metal.

The metal declined 11 per cent in March, its worst monthly loss since 2008, after the onset of the war in Iran on February 28, which has driven oil prices higher and added to inflation pressures, clouding ​the U.S. central bank’s path for ​monetary policy.

Central bank rate‑cut ⁠expectations remain low through most of 2026, with markets largely pricing in no change until a modest 25 per cent chance of a cut emerges ​at the December meeting.

Despite gold’s appeal during periods of inflation and geopolitical ​tension, higher ⁠interest rates tend to curb bullion’s attractiveness by increasing the opportunity cost of holding the non‑yielding asset.